Equity Residential

Equity Residential (EQR) is a real estate investment trust (REIT).Equity Residential (NYSE: EQR) is an S&P 500 company, more than 4,000 employees strong, that owns, develops and operates almost 500 high-quality apartment properties in top U.S. growth markets. And for more than 200,000 residents, they are home.They are building value for their shareholders, residents and employees by combining theresources of a large company and a national presence with strong local management and expertise. Shares of the company are traded on the New York Stock Exchange under the symbol, EQR. Equity Residential is a member of the S&P 500.

1969: The company had its origins in Equity Finance and Management Company, founded in 1969 by real-estate investor Sam Zell.

1974: Zell and Lurie were well positioned to take advantage of the collapse of the real estate market in 1974, buying numerous properties on the cheap.

1976: They concentrated on buying apartment buildings in fast-growing cities, primarily located in Sunbelt states. It was also a time of many dubious real estate tax shelter schemes, and in 1976 Zell became caught up in a federal investigation that nearly devastated the partnership.

1977: The partners bought stakes in Consolidated Fibers, Commodore Corp., and Itel Corp. It had been one of the largest REITs in the United States before going bankrupt in 1977.

1980: She went to work for Zell and Lurie in 1980 to start an in-house law firm and became their top lawyer, involved in the structuring of all their major deals.

1981: Zell and Lurie gained national attention in 1981 when they acquired a controlling 68 percent stake in Great American Management & Investment Inc., an Atlanta-based REIT with some $500 million in assets.

1985: From the outset the REIT was aggressive in acquiring new properties, focusing on B-plus and A-grade apartment complexes built before 1985.

1986: The Tax Reform Act of 1986 not only eliminated these tax shelters, it also permitted REITs to provide customary services for property, in effect allowing the trusts to operate and manage the properties they owned.

1987: 1987: Co-managed funds with Merrill Lynch form basis of Equity Residential.

1993: As a result, Equity Residential was formed as a REIT. It became a publicly traded company in 1993. In 1993, the company acquired a large portfolio of properties from Barry Sternlicht in exchange for a 20% stake in the company.

1997: At the beginning of 1997 Equity Residential had ranked only sixth. In 1997, the company acquired Wellsford Residential Property Trust for $620 million in stock and the assumption of $346 million of debt and acquired Evans Withycombe Residential for $625 million in stock and the assumption of $432 million in debt.

1998: The REIT continued its buying spree in 1998, spurred by a general slump in REIT share prices that put pressure on smaller companies to join up with larger rivals to compete. In 1998, the company acquired a portfolio of 5,774 apartments from Lincoln Property Company for $465 million and acquired Merry Land, which owned 34,990 units in the southeast United States, for $1.17 billion in stock as well as $656 million in debt and $270 million in preferred stock.

1999: In 1999, the company acquired Lexford Residential Trust for $203 million in stock and the assumption of $530 million of debt.

2001: In October 2001 management announced that it expected earnings to be adversely affected for the remainder of 2001 and into the next few years, with leasing of some units proving more difficult and rents likely to fall in some cities. Crocker, 61, announced in October 2001 his intention to retire, and although he planned to stay at the helm for the next three years he initiated a search for his replacement and also put in place a future senior management team.

2003: In January 2003, CEO Douglas Crocker retired.

2006: In 2006, the company sold its Lexford affordable housing division, which included 27,115 apartment units, for $1.09 billion.

2013: In 2013, the company sold 8,010 apartment units to a joint venture of Goldman Sachs and Greystar Real Estate Partners for $1.5 billion.

2016: In 2016, the company sold 23,262 apartments to Starwood Capital Group for $5.365 billion.